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The Federal Housing Finance Agency has released its new conforming loan limits for 2024 and, for the first time in several years, Greater Boston is seeing a smaller increase than in past years as the housing market slows.

The five-county metro area around Boston will see its conforming loan limit for single-unit properties increase to $862,500, up from $828,000 in 2023. That $34,500 increase is smaller than the $58,500 jump between 2022 and 2023, and the $46,000 increase between 2021 and 2022.

On Martha’s Vineyard and Nantucket, the limit will be $1,149,824, up from $1,089,300 last year.

According to The Warren Group, publisher of Banker & Tradesman, increases in the median single-family sale prices across Massachusetts have been slowing this year.

Nation-wide, the conforming loan limit will be $766,550, an increase of $40,350 from 2023. Areas like Greater Boston, Martha’s Vineyard and Nantucket have higher loan limits due to their high cost of housing.

Conforming mortgages financed by government-sponsored entities and the FHFA are the most lenient, allowing eligible first-time homebuyers to put down as little as 3 to 5 percent in some cases. Jumbo loans, on the other hand, require borrowers to have higher FICO scores and larger down payments, and also come with asset and reserve requirements.

Source: FHFA